From CNBC: 2024-04-10 12:05:21

Macy’s settles proxy fight with Arkhouse, adds two new directors to board. Moves bring closer to potential privatization deal. Rick Markee, Ric Clark to join board immediately. Macy’s shares down 2% amid announcement. New directors to review Arkhouse’s bid to buy retailer. Offer made in 2023, increased multiple times since.

Struggling Macy’s meets with Arkhouse-led investor group for possible sale. Company provides confidential information during negotiations. Storied retailer has faced challenges as consumers shift to online shopping. Announced closing of around 150 stores in February. Thousands of layoffs in recent years amid evolving landscape.

Activist investor Starboard Value previously engaged with Macy’s in 2015. Arkhouse aims to privatize company, streamline operations. Real estate investor wants to help business navigate changing retail environment. New directors to ensure constructive discussions with Arkhouse. Shares insight into potential deal with activist investor.



Read more at CNBC: Macy’s settles proxy fight with activist Arkhouse, adds two directors